Legislative News and Views - Rep. Melissa Hortman (DFL)

House DFL Leadership Statement on the November Economic Forecast

St. Paul, Minnesota — Today, Minnesota Management and Budget released the November Economic Forecast, showing a projected balance of $1.54 billion for fiscal years 2020-2021. While the forecast does show a balance, it includes inflation on the revenue side, and excludes it on the spending side in several key areas. If inflation is taken into account, the projected balance for the next two years is $382 million. Economic growth is also projected to slow down in future years.

“Our budget forecast is positive for the next two years, with significant cautionary notes for the future,” said Speaker-designate Melissa Hortman. “We need to be mindful of those cautionary notes as we do our work this session. We plan to invest the state budget in areas that will increase economic opportunity and security for all Minnesotans now and going into the future. The new House DFL Majority will continue our efforts to build a Minnesota that works better for everyone.”

“We have an opportunity to support working families and build a more prosperous future for all Minnesotans,” said Majority Leader Ryan Winkler. “Minnesotans have been clear that they want the Legislature to reflect their values and to advance an agenda that serves people in all parts of the state and from all backgrounds — and that what this House DFL Majority intends to focus on.”